The event services market is expanding significantly, in the opinion of the top CXOs, and is projected to keep doing so in the future. For corporations and associations, events are essential to brand building and income generating. It has been noted that events held now are more engaging than those held in the previous ten years, which influences consumer preferences and puts pressure on organizers of the event and venue owners. The introduction of new, independent businesses into this market is being facilitated by their use of technology to obtain a competitive edge in the highly consolidated environment of today. However, businesses in this sector struggle to handle live inventories for straightforward and modest events.
According to a new report published by Allied Market Research, titled, “Event Services Market,” The event services market size was valued at $515.80 billion in 2021, and is estimated to reach $1,349.00 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.
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Venue and catering are two most expensive components in the event services industry. Location of the event and food & beverages served during event significantly influence the success of the event. Surge in penetration of the digital technologies, owing to the presence of developed IT and telecommunications infrastructure contributes toward the growth of the market. Proliferation of digital technologies drives the growth of the hybrid events across the globe.
The growth of the event services market is driven by massive increase in business activities such as conference/seminar, brand promotions, employee training activities, development in the tourism & hospitability sectors, and growth in IT hubs across the globe. Other significant factors that promote the growth of the market include rise in business travel coupled with change in lifestyle of business travelers to seek leisure trips, rapid urbanization, and increase in disposable incomes. Therefore, surge in business activities fuel the demand for the services of event planners, personnel service providers, and furniture & equipment rental services. Furthermore, deployment of best-in-class technology that can handle the entire event propels the industry growth. Moreover, multi-dimensional events act as a key driver of the event services market growth.
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Key Take Away
- Virtual or hybrid event enabler is expected to be the fastest-growing segment during the forecast period
- Corporate Events and Seminars segment dominated the global event services market in 2021
- Entertainment is the largest and the fastest-growing segment in the global event services market
- Small and Medium Enterprises segment dominated the global event services market in 2021
- Europe dominated the global event services market in 2021
Key Market Segments
- By Service
- Strategy, Planning, Budget, and Development
- Communication and Logistics
- Attendees Management and Engagement
- Event Catering
- Virtual or Hybrid Event Enabler
- Location Rental
- By Event Type
- Music Concert
- Exhibitions and Conferences
- Corporate Events and Seminars
- By End User
- By Organization
- Small and Medium Enterprises
- Large Enterprises
- Government Bodies and NGOs
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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